Semler Scientific's Q1 2025: Contradictory Signals on Bitcoin Strategy, Revenue Outlook, and Business Priorities

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Bitcoin Treasury Strategy Success:
- Semler Scientific has acquired 3,808 bitcoins, worth approximately $400 million, making them the fourth-largest corporate holder of bitcoin in the U.S.
- The company achieved a 22.2% BTC yield in 2025 and a 152.8% positive BTC yield since May 28, 2024.
- This success is attributed to the company's strategic focus on growing its bitcoin holdings, leveraging convertible note financing, and utilizing its ATM program.

Healthcare Business Adaptation:
- Semler Scientific's healthcare business saw a decline in revenues, with total revenues in Q1 2025 at $8.8 million, down 44% compared to the previous year.
- The company is diversifying its customer base and introducing new FDA-cleared products in the cardiovascular space to capitalize on future growth opportunities.
- The decline is due to payment changes by CMS, but the company is focusing on maintaining cash generation for additional Bitcoin purchases.

Financial Challenges and Strategy:
- The company reported a net loss of $64.7 million for Q1 2025, resulting from a net unrealized loss of $41.8 million from their Bitcoin holdings.
- Semler Scientific has a cash balance of $9.9 million and used the proceeds from ATM issuances for general corporate purposes, including Bitcoin purchases.
- The financial challenges are linked to Bitcoin price volatility and operational expenses, but the company is focusing on cash generation and Bitcoin accumulation.

Bitcoin Dashboard and Transparency:
- Semler Scientific launched a bitcoin dashboard at ir.semlerscientific.com to provide real-time information on its Bitcoin holdings and metrics.
- The dashboard aims to enhance investor transparency and understanding of the company's Bitcoin-related activities.
- This initiative showcases the company's commitment to transparency in their Bitcoin strategy.